New Affordable Housing Proposal On the Table in Boynton Beach

By 2025, the city of Boynton Beach will need 10,800 affordable housing units, according to a new study by Florida International University’s Metropolitan Center.

Today there are only 50 in Boynton Beach, and the gap between wages and the cost of South Florida real estate, despite the market’s downturn, is still too wide for many to afford a home.

Officials today will discuss a proposed ordinance aimed at creating units of affordable housing by allowing developers to build more units per acre, if they offer some at prices families can afford.

Now, The Preserve, a 180-townhouse and condo project developed by Coral Gables-based Cornerstone Group, is the only project offering affordable housing, giving residents a chance to make affordable Florida mortgage payments.

“If we don’t do this, then Boynton won’t really be able to keep pace,” said Vivian Brooks, the Community Redevelopment Agency’s planning director. “It is becoming a detriment to our future economic health.”

• Developers asking the city for higher zoning density would be required to set aside 10-20 percent of the development for affordable housing.
• The ordinance would require the units to remain qualified under affordable housing guidelines for at least 30 years.
• Affordability would be ensured through deed restrictions and liens.

Prospective home buyers whose income does not exceed 120 percent of Palm Beach County’s median household income would become eligible to buy the affordable homes. For a family of four, income would be capped at $77,280.

In November, Palm Beach County commissioners approved an affordable housing ordinance requiring most new developments to price 16.5 percent of the homes between $164,000-304,000.

The city’s proposed ordinance must first make it past the city’s planning and development board and the Community Redevelopment Agency before being approved by city commissioners.

Despite Florida mortgage loan rates remaining relatively steady, housing is out of reach for many in Boynton Beach. To address this growing problem, the city is focusing on two areas for affordable housing.

In December, commissioners approved an amendment to the city’s plan to allow a density of up to 20 units per acre for affordable housing along Woolbright Road between Interstate 95 and the Florida East Coast Railway.

The density in the city’s downtown area, within the CRA district, allows up to 80 units per acre. The areas that allow higher densities are prime spots for affordable housing since land is scarce in the city and the population is growing, which only magnifies the affordable housing problem.